Tata Steel strengthens

-

Tata Steel rose 2.41% to Rs 694.25 at 10:02 IST on BSE on reports the company plans to list a holding firm for steel and raw material assets outside India, on the London Stock Exchange to raise funds for acquiring iron ore and coal mines. Meanwhile, the BSE Sensex was up 57.98 points, or 0.42%, to 14,022.24.

On BSE, 1.45 lakh shares were traded in the counter. The scrip had an average daily volume of 12.09 lakh shares in the past one quarter.

The stock hit a high of Rs 700.20 and a low of Rs 662 so far during the day. The stock had a 52-week high of Rs 969.80 on 29 October 2007 and a 52-week low of Rs 471.07 on 17 August 2007.

The world's sixth-largest steel maker had outperformed the market over the past one month till 9 July 2008, declining 17.41% compared to the Sensex's decline of 6.21%. It also outperformed the market in the past one quarter, declining 1.17% compared to Sensex's decline of 11.03%.

The company has an equity capital of Rs 730.58 crore. Face value per share is Rs 10.

The current price of Rs 694.25 discounts its Q4 March 2008 annualised EPS of Rs 65.98, by a PE multiple of 10.52.

Tata Steel Global Resources is the holding company of Tata Steel for steel and raw material assets outside India. Reports added that Tata Steel would also use the funds to repay part of the debt it took to buy Corus Plc., a 20-million-tonne steel maker in the UK, in 2007.

Tata Steel had completed the acquisition of Corus in late 2007 in a £6.2 billion deal to become the world's sixth largest steel maker by capacity.

Tata Steel reported 195.64% jump in consolidated net profit to Rs 12349.98 crore on 415.04% growth in total income to Rs 132110.09 crore in the year ended March 2008 over the year ended March 2007. The consolidated results are non-comparable due to merger Corus Group with Tata Steel in the year ended March 2008 (FY 2008).

At the time of announcing the results, Tata Steel managing director B. Muthuraman said it had raised prices for one-year steel sale contracts. 25% of Tata Steel's total sales were through annual contracts, he said.

Tata Steel is engaged in manufacture and distribution of steel, welded steel tubes, cold rolled strips, bearings and other related products and services. The company, along with its associates, has operations in 24 countries and commercial presence in more than 50 countries. The steel maker owns Corus, Tata Steel Thailand (formerly Millennium Steel) and NatSteel Asia.

The company's net profit rose 9.20% to Rs 1205.51 crore on 15.20% rise in net sales to Rs 5736.69 crore in Q4 March 2008 over Q4 March 2007.

Popular posts from this blog

IOB capitalises on hike in stake by LIC

-
Indian Overseas Bank rose 1.53% to Rs 46.45 at 10:31 IST on BSE, after the biggest domestic instutional investors Life Insurance Corporation of India hiked its stake in the state-run bank. The bank made this announcement after trading hours on Wednesday, 25 March 2009. Meanwhile, the BSE Sensex was up 126.19 points, or 1.31%, to 9,794.09. On BSE, 31,003 shares were traded in the counter. The stock had an average daily volume of 1.93 lakh shares in the past one quarter. The stock hit a high of Rs 47 and a low of Rs 45.95 so far during the day. The stock hit a 52-week high of Rs 156.80 on 2 May 2008 and a 52-week low of Rs 37.55 on 9 March 2009. The mid-cap bank stock had underperformed the market over the past one month till 25 March 2009, falling 3.17% as compared to the Sensex's 8.60% rise. It had also underperformed the market in the past one quarter, declining 33.94% as compared to the Sensex's 1.04% rise. The bank's current equ The current price of ...
Read more

Lok Housing & Constructions builds on fund raising plans

-
Lok Housing & Constructions jumped 6.99% to Rs 107.90 at 11:20 IST on BSE ahead of a board meeting to consider fund raising options from both foreign and local market, including an institutional placement. Meanwhile, the BSE Sensex was down 50.50 points, or 0.30%, at 15203.73. On BSE, 1.86 lakh shares were traded in the counter. The scrip had an average daily volume of 4.74 lakh shares in the past one quarter. The stock hit a high of Rs 115 and a low of Rs 102 so far during the day. The stock had a 52-week high of Rs 390.50 on 1 January 2008 and a 52-week low of Rs 96.25 on 12 June 2008. The scrip had underperformed the market over the past one month till 12 June 2008, falling 26.55% compared to the Sensex's 10.18% decline. It had also underperformed the market in the past one quarter, falling 31.39% compared to Sensex's 3.24% fall. The small-cap housing projects developer has an equity capital of Rs 42.88 crore. Face value per share is Rs 10. The current...
Read more

Griffin Chemicals surges on re-listing

-
Griffin Chemicals was trading at Rs 29, up 2220% on re-listing after six years on Bombay Stock Exchange (BSE). The counter saw miniscule volume of 4769 shares. The stock opened at Rs 23, up 1740% against its last traded price of Rs 1.25 on 8 August 2002. The Griffin Chemicals stock was highly volatile today. It opened at Rs 23 and then rallied ahead to Rs 50 but soon eased to a low Rs 22. The surge in Griffin shares reminds of unprecedented rise in stock prices of KGN Industries on its re-listing day. KGN Industries, run by Ahmedabad-based Memon family, had re-listed at Rs 100 per share after nearly seven years in May 2008 this year. The stock had risen to a high of Rs 55,000.
Read more